Chart USD/ZAR Update: Prices remain under pressure
Cautious trade has given way to further losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.2950 | ** | 76.4% ret of Aug-Sep fall | S1 | 17.6000 | * | congestion | |
| R3 | 18.2000 | congestion | S2 | 17.5000 | * | congestion | ||
| R2 | 18.0000 | * | congestion | S3 | 17.2500 | ** | 7-8 Nov (m) low | |
| R1 | 17.7500 | * | congestion | S4 | 17.0315 | ** | 30 Sep YTD low |
Asterisk denotes strength of level
11:25 GMT - Cautious trade has given way to further losses, with steady selling interest putting focus on congestion support at 17.6000. Negative intraday studies highlight room for a break towards further congestion around 17.5000. But flat oversold daily stochastics are expected to limit any initial tests in consolidation, before the bearish daily Tension Indicator and deteriorating weekly charts prompt further losses. A later close beneath here will add weight to already bearish sentiment and extend November losses towards 17.2500. Meanwhile, resistance is lowered to congestion around 17.7500. A close above here, if seen, will stabilise price action and prompt consolidation beneath further congestion around 18.0000.